lindahl@waltz.UUCP (01/04/85)
My company is going to be giving me a full-up PC for use at home; it
DIRECTLY applies to my current profession. As I understand the
situation, I am liable for the tax on the full purchase price.
A stipulation is that I must keep the PC for a full two years.
Is there any way to deduct this ?
Any assistance/advice is appreciated....
Charlie Lindahl
Texas Instruments
ARPA: lindahl%Waltz%TI-CSL@CSNet-Relay
UUCP: {convex!smu, texsun, ut-sally, rice} ! waltz ! lindahljpexg@mit-hermes.ARPA (John Purbrick) (01/12/85)
> My company is going to be giving me a full-up PC for use at home; it > DIRECTLY applies to my current profession. As I understand the > situation, I am liable for the tax on the full purchase price. > A stipulation is that I must keep the PC for a full two years. > Is there any way to deduct this ? > Charlie Lindahl Last year's expanded instructions ("Your Income Tax", Pub. 17, well worth while for anyone who wants to understand their taxes) says "You may not have to include the value [of property in lieu of salary] in income in the year received if the property is both nontransferable and subject to a substantial risk of forfeiture". You might be able to claim that TI's two-year stipulation amounted to the condition described. Call or visit your local IRS office and get Publication 525, "Taxable and Nontaxable Income", and read the section entitled "If you receive property for your services". It apparently goes into more detail on this point. -- John Purbrick